Oil Imports Ready To Hit 20-Year Low

October 2012, Vol. 239 No. 10

A boom in oil production from the shale formations of North Dakota and Texas has the U.S. on a course to cut its reliance on imported crude oil to about 42% year, the lowest level in two decades.

Dependence on crude purchased from foreign countries is on a pace to decline from last year, Adam Sieminski, head of the U.S. Energy Information Administration, told a Bloomberg Government lunch in Washington.

“What’s happening in North Dakota, and in Texas, with Eagle Ford, Bakken formation in North Dakota, is a tremendous development for U.S. oil production and economic growth,” Sieminski said. In 2011, the U.S. relied on imports for 44.8% of its petroleum consumption, down from 60.3% in 2005, according to EIA data.